SIP-129: sSNX ERC-20 Synths
| Author | |
|---|---|
| Status | Rejected |
| Type | Governance |
| Implementor | TBD |
| Release | TBD |
| Discussions-To | TBD |
| Created | 2021-03-02 |
Simple Summary
Curve cross-asset swaps along with SIP 120 allow for atomic cross-asset swaps. Even without SIP 120 it is important to capture all high volume pairs as synths for synthetix exchange volume. @kaiynne has identified high volume assets in PR 407. I propose to add sSNX as another key addition.
Abstract
This SIP will add one new ERC-20 assets as a Synth; sSNX. It does not propose adding inverse Synths of these assets.
Motivation
Aside from promoting volume and liquidity for SNX, a key motivator is the addition of a SNX/sSNX Curve pool. Not only will this increase on-chain SNX liquidity, but also allow for a very high yielding APY pair for SNX. Using LINK/sLINK as a guide, we see APY as high as ~105%. As a lot of early Curve farmers were sUSD holders, the Synthetix community has large veCRV holdings, and as such can promote a SNX/sSNX pool. Deeper liquidity, more Synthetix volume, and a high yielding pair for SNX.
Specification
Rationale
See Motivation
Technical Specification
N/A
Test Cases
TBC
Configurable Values (Via SCCP)
N/A
Copyright
Copyright and related rights waived via CC0.